Washington State Investment Board (WSIB) is seeking proposals from consulting firms to manage its $32.8bn (€30.5bn) real estate portfolio.

The $197bn pension fund said the request for proposal (RFP) is calling for eligible applicants that have at least two major institutional clients with a combined real estate portfolio of over $500m.

WSIB currently has Stepstone as its real estate consultant.

Qualifying applicants to the RFP must possess experience managing real estate portfolios of over $500m for at least two major institutional clients.

WSIB expects the hired consultant to provide a range of real estate investment services including specialised investment consulting, conducting due diligence and offering recommendations on investments, and evaluating the performance of investment managers. The pension fund mainly invests in domestic and international real estate through funds and separate accounts.

The deadline for submitting proposals is 1 July and the pension fund aims to finalise its decision later this year.

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